The transfer of GeoPark's participation in Lot 64 in favor of PETROPERÚ was made official

Through Supreme Decree No. 024-2021-EM, published today in the official newspaper El Peruano, the transfer of the participation of GeoPark Peru S.A.C. in Lot 64 in favor of PETROPERÚ S.A. In this way, the state company assumes 100% of the rights and obligations for the exploration and exploitation of hydrocarbons in the aforementioned Lot, known as the Morona Lot.

As you recall, Geopark Perú S.A.C. announced -in July 2020- its decision to withdraw from the License Agreement, which is why, in August of the same year, PETROPERÚ S.A. approved and accepted the assignment of the 75% participation of Geopark Perú S.A.C., thus obtaining a 100% stake in the aforementioned Contract. However, in order to proceed and make the assignment in favor of PETROPERÚ effective, the modification of the License Agreement and the respective approval through a Supreme Decree were required.

In accordance with the S.D., endorsed by the ministries of Economy and Finance and Energy and Mines, PERUPETRO S.A. must sign the modification of the License Agreement for the Exploration and Exploitation of Hydrocarbons in Lot 64, with GeoPark Perú S.A.C. and PETROPERÚ S.A., in accordance with Article 12 of the Organic Hydrocarbons Law.